Sprint Informative - Sprint Posts Huge Loss, Scraps Dividends
Sprint posts huge loss, scraps dividends
Wireless firm warns about first quarter
By Sinead Carew
NEW YORK - Sprint Nextel Corp posted a $29.45 billion quarterly loss on Thursday due to a huge impairment charge and forecast that subscriber losses will deepen in the first quarter, pushing its shares down 10 percent.
The No. 3 U.S. mobile service also announced that it would stop paying dividends for the "foreseeable future" and Chief Executive Dan Hesse said it would take many quarters to accomplish a turnaround and rebuild Sprint's wireless brand.
Sprint, which has been losing ground to rivals amid network and customer service problems, forecast that it would lose 1.2 million customers who pay monthly bills in the first quarter, compared with 683,000 such losses in the fourth quarter.
Continue reading the full story at MSNBC